Thursday, April 27, 2017

Trump Proposes To Repeal Estate Tax, Alt Min Tax and 3.8% Obama Tax

On April 26, 2017 we posted Trump Proposes 15% Corp. Tax Rate & Repeal of 3.8% Obama Tax where we discussed a 15 percent tax rate for corporations, cutting the top individual tax rate from 39.6% to 35%, reducing the number of rates from seven to three and the repeal of a 3.8 percent tax on net investment income are the top priorities in the Trump administration’s tax reform agenda, according to a plan released by the White House today April 26, 2017.

Upon closer reading it also provides for repeal of the Estate Tax and the Alternative Minimum Tax along will the repeal of the 3.8 per cent Surtax on investment income (capital gains, interest and dividends) introduced by the Obama administration to fund the Affordable Care Act. This will return the top capital gains tax rate and dividend rate to 20 per cent.
But also see our April /25/17 post Tax Reform Announcement Coming on April 24 but Tax Reform Is 'Impossible' This Year - So Where Does That Leave Tax Advisers?  where we discuss that there may not be enough time to get the tax bill passed in 2017. Warren Payne, a former House Ways and Means Committee policy director now with Mayer Brown LLP, believes that passing tax reform by August will be ‘‘impossible’’ this year. Rather, he suggested during a conference call March 16 that it is more likely to be addressed in early 2018. 
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